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Facebook refuses ambitious vision kryptovalyuty, after pressure from regulators


On Donald Trump was clearly positioned as a rival project "Libra" (cryptocurrency launched Facebook) last week and, more broadly, in krypamonii (Bitcoin, Ethereum and others). Last week, during the comparison before the Congressional Committee, David Marcus, an American businessman of French and Swiss descent, director of the project "cryptocurrency" Facebook "Libra" presented a simple message: Facebook knows what the decision-makers, is concerned, the Libra and that it will not promote the project until their problems are solved.

In contrast to its original vision, comments Markus on Tuesday and Wednesday hearing indicate a radical change in design "Libra" to Facebook. The original vision of the company, the Libra would be open and largely decentralized network, like Bitcoin. Central network would not be regulators the door. Implementation will be the responsibility of the exchanges, briefcases, and other services that are part of the ramp access and exit the ecosystem balance.

This ambitious project, which was carried out previously unknown vision was never vyhadchykam Donald Trump and the US government. According to the US President, the Bitcoin and other cryptocurrency have a very unstable value, depending on the air, they do not represent money. If Facebook and other companies want to become a bank, they have to find a new bank charter and submit to all banking regulations, as the other banks, national and international proposals offered Trump, through his Twitter account.

Given the variety of perception, Facebook now seems to recognize that his original vision was inappropriate. Thus, this week, David Marcus presented the new vision Libra. Strategy, in which the Association of "Libra" (the consortium, which involves about 28 companies in the finance sector, e-commerce, IT and telecommunications) will take on the sur & # 39; a heavy responsibility for ensuring compliance with the laws on money laundering, terrorist financing and other financial crime.

Indeed, this statement "Balance" project manager should be a solution not only to the president of the United States, but also the president of the Federal Reserve System Jerome Powell, who during the trip told lawmakers that the Facebook plan to create a digital currency called "Libra" could not move forward if it does not take into account issues of particular concern, money laundering, consumer protection and financial stability.

Facebook's new position to answer some questions that I raised about the function of "Libra" last week. But it also raises new questions, Facebook will have to answer in the coming months. After these words, Marcus said Wednesday that the Association Scales require service providers based on balance, to follow the rules, but he did not explain how they would do it.

Compare the June Declaration "Facebook" and "Liba" Marcus statements this week clearly shows that their position has changed dramatically. Libra Blockchain will be open to all: any user, developer or company can use Libra network, to create products and add value through its services, says Facebook in June in his paper. Open Access provides several barriers to entry and innovation and promotes healthy competition, which benefits consumers. This is important for the purpose of creating greater financial opportunities for the world.

The White Paper was clear that the balance will not be completely decentralized. The consortium organized around Lyra cleaning process deals with leagues and retain the right to determine who can be a validator. The Association will also paint the traditional currency, which saves the cost of wali.

The model focuses on user protection

Overall, Facebook's vision for Libra was inspired model dcentralis, based on users' caution – classical cryptocurrency such as Bitcoin. Facebook service in the Calibra purses will carry the US rules on consumer protection, money laundering, sanctions, etc.
Speech by Marcus on Wednesday showed a sharp change in the position of Facebook. At a meeting on Tuesday in the Senate Banking Committee officials questioned Marcus about the risk of money laundering and other financial crimes in the Dish Network. Marcus took a month before the tone, which is different from his colleagues.

As for Libra network, we will have a program to combat money laundering, said Tuesday the former president of PayPal David Marcus. Later, he promised to provide appropriate measures to prevent the use of the network for purposes other than those intended for its development. On Wednesday, Marcus took the more specific obligations, promising that "Libra" Association will bring the guarantees that make network providers "Libra" fight against money laundering, terrorist financing and other financial crimes.

New Balance and discovery

Networks such as Bitcoin and Ethereum, are completely open and unauthorized: anyone can create services and software for these networks, without the need for prior approval. Bitcoin and Ethereum can get rid of them, because no one owns and manages these networks. Since none of the regulatory authority can not impose a fine or imprisonment for nesanktsyyanavanasts, authorities, regulators have focused their efforts on the authorities to intermediaries on the edge of the network.

On the other hand, the consortium around the Libra will eventually manage the network as a Libra because it decides who can be a validator, and who will control the currency, which is used for each of the scales. Therefore, regulators may exert pressure on the association of "Balance" to apply the law throughout the Dish Network. The key question is how the association will apply the regulations. The most obvious way to do this – to require that each transaction was signed in Libra purses, previously approved by the Association of Libra.

Then on the & # 39; unity can periodically check these portfolios to ensure that they carry out various rules and reports to the US authorities and the world. On the contrary, on the & # 39; union may require the portfolio to first get approval from the regulatory authorities of countries where it operates, and then add the service portfolio in the official list of approved services. That would be a radical change in the concept of balance. This will exacerbate the bar & # 39; EPA for new financial services based on the scales. This would be important, as the decline in bar & # 39; erav for portfolios and for the world's users & # 39 is one of the "balance" of the project stated objectives.

New scales and save the Liberals

Some people use the Bitcoin network through intermediaries such as Coinbase. But others do it by creating your own public and private keys, as well as directly in the posting transaction Bitcoin network using software with open source software. The original white paper Libra says that the accounts will be owned directly by the end user of the system, as well as parties, such as briefcases, acting on behalf of its users.

But it seems difficult to reconcile with the repeated demands of the & # 39; unity, that it will not interact directly with consumers. The owners of non-free addresses Libra Libra interact directly with the network. No other broker is not involved, only the association of "Libra" will have the right to require users to provide the type of authority required rules.

In short, there is quite a fundamental tradeoff between network openness and effective preservation of payment networks regulation. If the association, which is responsible for management of Libra, has no way to ensure the preservation of the portfolio providers, criminals will resort to the portfolio of services that do not strictly adhere to the rules, or to download the software for wallets open source and use of non-depository account.

Therefore, Facebook is a problem in the coming months is to develop a new network architecture: the network is blocked enough to satisfy regulators, as well as open enough to attract a healthy ecosystem of developers. The company will be able to add a system of low payments and Libra WhatsApp Messenger, instantly giving millions of users of the new network.


And you?

Do you believe in this project kriptovalyutny Facebook?

What do you think about the claim unsubstantiated Marcus?

You can compare the recent release of Donald Trump?

Snat able to convince Facebook to be more open to Libra?

Are you for or against the balance?

See also:

Fed president calls "Facebook" to suspend the project "Libra", until there is no concern about the financial market regulators.

Swiss regulator representing Facebook as a guarantee of protection of privacy on the scale, confirms that it will not be in contact with the company.

Bruno Le Mair noted that the conditions for France do not accept the use of scales

Libra: New cryptocurrency Facebook, based on the block chain with its own digital wallet, Bitcoin-killer?

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